I’m new to this blog, but having been trying to pay down debt for some time. It’s a slow process, but it works if you stick with it.
Deciding whether to do a 0% transfer or a fixed low rate transfer depends on how much debt you have and how long the low rate transfer is for. Some low rate transfers will charge a fee (say $50), but will keep that rate until the entire debt is paid off. For this type of transfer, make sure you DO NOT add more debt to the card. The company may also have a no fee transfer with a slightly higher rate. You’d have to decide which works best for you. As far as the 0% transfers go, find out how much the rate is after the promotion and see if you can negotiate that down as well. The 0% may be best if after 6-9 months, you can transfer back to your original card at a 0% rate.
Everything’s negotiable. Even if your old card doesn’t have a current promotion going, call them to see if they’ll give you one if you transfer the money back. It never hurts to ask. Good luck. Hope some of this helps.
Adam (hopefully credit card free in 1 year)